Christmas just around the corner but time for one last look at local real estate statistics. Western KY MLS (western most 13 counties in the Commonwealth) is still having problems with inventory. As of November 30 ,2012 there were around 1500 residential listings for sale on the MLS. This is the lowest November inventory number since November of 2005. The peak November during that period was 1842 homes for sale in November of 2010. Relevance? Reduced inventory normally slides the scales towards a Seller's Market with strong prices. But these are not normal times. We have remained solidly a Buyers market because there just have not been a large number of qualified buyers looking for homes. Which is not to say there have not been sales. It appears that each of the counties in the MLS will end the year on the plus side of the scale that measures how many homes were sold this year. Here in Trigg county we may actually see a 10% increase in unit sales. At the same time, this buyers market has kept prices low especially concentrating on lower priced units. Comparing the last 90 days sales of single family units in Trigg County compared to same data in 2011, our median sale price is up slightly (8%) and the average sale price is down slightly ( 1%). The Regional MLS shows average price in that period up by 2% and the median price up by 2%.
The year end figures will be available in January and we will review them then but the outlook seems to show that our market is in recovery and that we did not loose much in the way of market value since last year.
Hope you all have a Safe Holiday - See you in 2013. Cc